HONG KONG, March 21 (Reuters) - Hong Kong shares erased
Thursday's early gains, slipping to their fourth loss in five
days with Chinese internet giant Tencent Holdings a
top index drag on a number of brokerage downgrades despite
matching earnings estimates.
The Hang Seng Index closed down 0.1 percent at
22,225.9. The China Enterprises Index of the top Chinese
listings in Hong Kong shed 0.3 percent.
The CSI300 of the leading Shanghai and Shenzhen
listings closed up 0.2 percent at 2,615 points. The Shanghai
Composite Index gained 0.3 percent.
* Tencent Holdings finished off intra-day lows, but down 4
percent at its lowest close since Dec. 31, hurt by downgrades
from Deutsche Bank and CLSA despite posting 2012 earnings late
on Wednesday that were in line with expectations. DB analysts
downgraded Tencent from "buy" to "hold" while trimming its
target price by 8 percent, citing near-term margin pressures
from mobile and e-commerce initiatives that would bear fruit in
the longer term.
* China's HSBC flash PMI came in at a higher-than-expected
51.7 in March from 50.4 in February, triggering a brief reversal
of index losses in mid-morning trade. However, the gains later
* A flurry of companies are due to post corporate earnings
after markets close for the day, including Li & Fung,
China Unicom and Petrochina.